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Automatic Loan Payment Authorization

Automatic Loan Payment Authorization Form

  • Loan Account Information

  • Borrower Name
  • Business Name
  • Loan Number
  • Phone Number
  • Deposit Account Information

  • Name on Account
  • Business Name on Account
  • Name of Financial Institution
  • Deposit Account Number
  • Bank Routing Number of Financial Institution
  • Bank of Southern California Account
  • Account Type
  • Payment Details

    Select either fixed or variable payments and enter the amount below.
  • Fixed Payment - Must be in excess of your regular payment
  • Variable Payment - Amount shown due on billing statement. Enter the excess principle amount here (optional).
  • TRANSFERS "Borrower", hereby authorizes and directs Bank of Southern California N.A. ("Bank") to withdraw an amount equal to any payment due on my loan from the checking account number listed above on the payment due date every month, and apply the funds withdrawn to the payment on my loan. Bank will begin making these transfers on the designated date, and will continue them until my loan is paid in full or until this Automatic Payment Loan Payment Agreement is terminated as described below.

    INSUFFICIENT FUNDS. If there are insufficient funds in my Deposit Account to accommodate a withdrawal, or if, for any other reason, a withdrawal cannot be made, Bank shall have no responsibility to notify me of the fact. If my Deposit Account is with the Bank, Bank has no obligation to make a withdrawal from my Deposit Account if the withdrawal would cause an overdraft in my Deposit Account. If a withdrawal cannot be made from my Deposit Account, I understand that I remain responsible for making the required payments on my loan in accordance with the loan documents.

    MULTIPLE OWNERS.If there is more than one owner or authorized signer of Deposit Account, or if there is more than one Borrower obligated on the loan, any one of them may terminate this Automatic Loan Payment Agreement. Bank may send notice to any Deposit Account owner and it shall be notice to all Deposit Account owners. Bank may send notice to any Borrower and it shall be notice to all Borrowers.

    TERMINATION. Bank or I may terminate this Automatic Loan Payment Agreement at any time with or without cause. If it is terminated by me, I shall give Bank written notice thereof and Bank shall cease any withdrawals from Deposit Account within a reasonable time after receipt of such notice. If it is terminated by Bank, Bank shall cease any withdrawals from Deposit Account and shall notify me promptly.